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[[Image:Federal Reserve.jpg|right|thumb|300px|The Federal Reserve headquarter in Washington, DC.]]

[[Image:Federal Reserve.jpg|right|thumb|300px|The Federal Reserve headquarters in Washington, DC.]]

The '''Federal Reserve''' (also known as '''The Fed''') is a central banking system that controls the monetary system of the [[United States]]. Although it acts with the authority of the [[government]], the Federal Reserve is not an official government agency. It was established by [[President]] [[Woodrow Wilson]] in 1914.  Although the [[Constitution]] says that only Congress has the authority to print money, the Federal Reserve issues currency that is not based on the original [[gold standard]].[http://www.federalreserve.gov/]  

The '''Federal Reserve''' (also known as '''The Fed''') is a central banking system that controls the monetary system of the [[United States]]. Although it acts with the authority of the [[government]], the Federal Reserve is not an official government agency. It was established by [[President]] [[Woodrow Wilson]] in 1914.  Although the [[Constitution]] says that only Congress has the authority to print money, the Federal Reserve issues currency that is not based on the original [[gold standard]].[http://www.federalreserve.gov/]